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RUMORED FAILUREOf the Clodfeiter inter-Urban Electric Railroad- A Strike.EMPLOYES QUIT THEIR JOBSBecause Pay Day Came and Went and the lt;?ho*t Failed to W»lk--It Is Rumored *.*ut tlie Company Has Made an Aftriig.,mient--Contruut’Or Says the Hoad Will ba Built.Last Monday was to have been pay day on the Clodfelftr line, but Monday went by and no pay came to gladden the 1 hearts of the men and many of them laid down their shovels and went out on a strike.There are all sorts of rumors concerning the road, one of which gained circulation at Fairmount Thursday that the company had made an assignment.Mr. Maggi, one of tho contractors, says he knows what he is talking about when he says that the road will be built.The Morning News commenting on the situation says:Not a bond of the Clodfelier company has ever been sold.Investors will not take such securities unless the road has complete franchises and right-of-way and furnishes a profile and prospectus. Again no road that uses second-hand rails cau sell bonds.All the money invested so far in the road has come from the pockets of Frank Mans of Indianapolis. N. J. Clodfelter sunk about $16,000 in the enterprise when the road was “being built” the first time.Louis Enricht is rated by Bradetreet as being without property. His father-inlaw, Mr. Cooper, is wort* some monev.The contract to build the road was taken by Enricht at a high price. The grade lu-.s been reduced to three percent, a proceeding said to be without justification or warrant. The grading and , riiiina meant a large sum of extra money to Enrichc.it is said Clodfelier obtained $3,000 j from Mr. Maus with which to pay off o.ni (•■hums against the road. Anselti Smith received *50 and Hayworth Son Who got the remainder iswhat creditors would like to know.i .j Enricht has attempted to build the j road without putting a cent into it himself, it is said, depending on Mans to hono: frequent estimates of cost.Victor E. Maggi. who arrived in the io'dy Thursday, learned enough in Chi-I cago about Enricht to acquaint him with that gentleman’s real intentions. Mr. Maggi. George T. Wiswell, J. Willard Clark and Ansel Smith will go to | Indianapolis Saturday to confer with j Maus.i If the road is built Mr. Maus will have to put more money into it, dispense with Enricht or furnish him with funds and get the road in such shape that bpnds can bo issued. Mr. Maus is said to have signed obligations for the road amounting to over $.0,000.
Newspaper Details
Gas City Weekly Journal
Gas City, Indiana, US
Fri, Jun 25, 1897
Page 1
Full Page
Clipped by
Judith R.
USA 22 Apr 2019
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